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Real Estate

COVID-19: Many Wealthy NYC Residents Making Move To Suburbs, With Real Estate Agents Swamped

Real estate deal.
Real estate deal. Photo Credit: Pixabay

With the weather warming up and the novel coronavirus (COVID-19) outbreak ongoing, many wealthy New Yorkers are leaving the city to head toward the suburbs.

According to reports, wealthy New York City residents have been moving their money and families into the suburbs as they look to escape COVID-19 and imagine a "new normal" after the virus hit the dense urban city particularly hard, overwhelming hospitals during the height of the pandemic.

In response to the outbreak, many buyers and renters have been leaving the city en masse and flooding the suburbs, where there is more space and less dense crowds. Others are riding out the outbreak at their second homes in the surrounding suburbs.

Experts have said that the recent rash of buyers and renters leaving the city could revive the real estate markets in affluent towns of Westchester County, Long Island and Fairfield County.

“After going through this in the city ... people want a place where, if they have kids, they can get out and do something,” Steven Magnuson, a Douglas Elliman broker in Greenwich said to CNBC. “They can go out for a bike ride, and go for a run or walk and live their daily lives without feeling inundated by their neighbors.

“It seems like everyone wants to leave the city,” he added. “Our problem is not enough inventory for sale. We’ve been on the phone 24/7 and on email.”

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